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1.0% eSavings Offer; April 1 - June 30
April 1, 2021
2:46 pm
Jim Sherat
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Just received THIS.
I'm so excited I can't stop Yawning. I guess the only interesting thing about this promo is that is from one of the Big5.

April 1, 2021
3:07 pm
Loonie
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I think this is their better offer, if you can make your way through the T&C and make it work for you.
https://www.highinterestsavings.ca/forum/rbc-royal-bank/short-term-promo-savings-1-50-up-to-2-mainly-new-clients/

I got part way through investigating it and found my fortitude waning at the point where they said there was a $20 fee for closing the account, no matter how long it had been open. As we know from registered plans, today's $20 can be tomorrow's $100. Once they get a bad idea in their heads, they run with it!

Last year, when they had a decent offer, they pulled it before the date specified.

April 2, 2021
2:39 pm
Adam1
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August 28, 2019
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Loonie said
I think this is their better offer, if you can make your way through the T&C and make it work for you.
https://www.highinterestsavings.ca/forum/rbc-royal-bank/short-term-promo-savings-1-50-up-to-2-mainly-new-clients/

I got part way through investigating it and found my fortitude waning at the point where they said there was a $20 fee for closing the account, no matter how long it had been open. As we know from registered plans, today's $20 can be tomorrow's $100. Once they get a bad idea in their heads, they run with it!

Last year, when they had a decent offer, they pulled it before the date specified.  

I checked and it mentions that you won't be charged $20 if the account is closed in person, or closed online/phone and transferred to another rbc account. Or, if you leave the account empty and inactive for 2 years, it'll be closed without notice and no fee will be charged.

From the account disclosure booklet:
"An Account will become inactive if you do not transact on your account after 12 months. We will notify you in writing that your account is inactive after 2, 5 and 9 years of inactivity. If your inactive account balance reaches $0.00 we will close your account without notice to you."

Adam

April 2, 2021
6:19 pm
Loonie
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thanks for checking.
What I read on the internet did allow for going into a branch to close account at no cost (and who wants that inconvenience during covid? plus RBC has been closing branches in many communities), but was not otherwise as generous as what you have cited. I don't know what they really mean but am inclined to think it won't be in my favour!

April 3, 2021
7:34 am
Alexandre
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I have closed my accounts with RBC recently, in January 2021, over the phone. They waived accounts closure fee.

Something good came from Ontario provincial lockdown, after all.

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